Broker Name: CGS International
Date of Report: February 10, 2026
Excerpt from CGS International report.
Report Summary
- CSE Global is expected to benefit from Amazon Web Services’ (AWS) significant data centre expansion, driving sustained demand for data centre electrification and positioning CSE for robust order growth.
- FY25 order wins could reach S\$1bn, lifting the orderbook and underpinning a projected 30% net profit growth in FY26, with multi-year earnings visibility supported by AWS and potential contracts from other hyperscalers.
- CGS International reiterates an “Add” rating for CSE Global, raising the target price to S\$1.50 based on strong earnings growth, with upside catalysts from large-scale order wins and downside risks from cost overruns or slower order intake.
- Scenario analysis indicates that successful expansion to additional hyperscaler customers could accelerate revenue and profit growth further, while loss of AWS contracts could reduce future growth but record FY25 wins would still support FY26 performance.
- CSE’s ESG score remains at C-, with improvements targeted in greenhouse gas emission efficiency and governance; further transparency in order details could boost investor confidence.
Above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website: https://www.cgs-cimb.com/
